Evening Star Newspaper, April 2, 1925, Page 28

DRt FINANCIAL. SELLING RENEWED IN STOCK MARKET Yesterday’s - Rise Fails to Last in Trading Today. " Money Lower. BY STUART P. Special Dispatch to The Star SW YORK, April 2—The stock market went lower today, with losses of a point to 2 points all through’ the list. There was no outside cause. It was simply the settling back of the market after the running in of a good part of the short interest More attention was paid to the un- favorable reports from the steel in- dustry, especially to the declining tendency of prices. United States Steel was heavily sold, Bethlehem got down below 40 again and other members of the group were corre- spondingly depressed. New Low Records. records were made both Woolen preferred and the common. The selling persists in face of authoritative statements that there is no immediate danger about the dividend on the preferred. But Wall Street does not like to buy into a proposition where dividends are be- ing maintained through draft on sur- plus. It has only been the heavy short account which has kept Ameri- can Woolen up so well. Today, with the short interest much reduced, the common stock fell away easily below 36 and the preferred made a_ new bottom figure as it got beneath T8 Other Ralls Lower. Canadian was offered down over 2 points and Union Pacific was almost equally as weak. New York Central was off a point or so. Low- priced rails like Wabash and Mis- souri-Kansas-Texas were down & half point to a point Whatever good feeling had been aroused by the success of th 0. refunding quickly the stock was off The break in followed the dec of only $1 a shar had been expected. Pan-American Thrown Over. The Street was not much impressed by the transfer of the Doheny inter- terest in Pan-American to the syndi- cate. It could not see how this would make much difference so far as divid- dends were concerned, and Pan- American has been built on unreal- ized expectations of an increase in the dividend from $6 to $8. There was heavy selling in the shares to- day, and the whole oil group felt the depressing effect early in the day They rallied later. Houston Oil w oft mnearly two points. Independent oil and dropped below 23, but subsequently rallied. Individual strong points were Na Motor, which sold well above the old Kresge stock, Famous Pl ers, Mack Trucks and one or two of the sugars Wilson Shares Weak. Wilson & Co. stocks turned weak @gain in response to the announce- ment that the reorganization plan had finally been agreed upon. The preferred, which had closed Wednes- day at broke well below 25 be- fore support was encountered, and the common declined sharply. It was estimated that under the plan of recapitalization the company’s 1924 income was equivalent to $1.13 a share on the new common and that nasmuch the present preferred will receive one and a half shares of new common, the preferred stock's portion of last Year's earnings would amount to about $1.69. American Sugar Strong. Persistent buying went American Sugar in anticipation of favorable dividend action next month. The stock was selling much of the time today under 65, but tho: who are supposed to be best in- formed insisted that important buy ing was occurring. American Suga is expected to declare dividends at the rate of $5 a share on its common in May. It has over $30,000,000 sur- plus funds, and so far as current earnings are concerned seems to be in a better position than has been generally thought. Mack Truck Earnings. The recent rise in Mack Trucks has been ascribed by the people who have done a good deal of buying not so much to the possibility of a capital split-up or higher dividends' in the near future as to the very satisfactory earnings and financial position of the compans. The ent was made recently that the earnings were at the rate of §25 a share on the common. If this is the case it represents a substantial tnfluence over the high income in each of the last fe 4 = WEST. ¢ low erican Pacific wo points. Great Northern Ore ion of a dividend where at least $2 Gas Markets at a Glance YORK.—Stocks irregula Great Northern Ore breaks 6 point Bonds steady: Wilson convertible is rally. Foreign exchange mixed; ch francs extend decline. Cot- ady; larger acreage es- timates. tureless. Coffee firm; higher cable Su CHICAGO.—Whe at drop drought wheat firm weak; pri on breaking of 1 sympathy with Cattle steady to higher. Hogs GERMAN BONDS AND STOCKS. (Quoted in dollars per million marks.) Rid. Asked n) 5s 191418 1919 A (forced ionni. . . dollars per thousa S35 preswar. $iis 1010, 4% & ds pre-war °r Line 4335 a diay y Llovd 3 Prussian Consols 314s........ Krapp 5s 1921 Dusseldorf 43 pre-war Frankfort a-M 4< pj Mun! 10.00 10.00 Commerz and Discouto ¢ Deutsche Bank Darmstacdter Bank.. Mercer Bank Vienna SHORT-TERM SECURITIES. (Quotations furaished by Redmond & Co.) & Ohio 0s of Canada 5s Central of ( Cent. Leathe Chi., Mil. & Chill R T & Pa Tambie 01 Lehigh Pow g T T i Morris & Co. % 1030 New ork Central Oregon Stiort Lize dx enoa; I, It. 75 1030, . Pure 01l 5145, Swift & Co. Tidewater Ol 835 i NEW YORK STOCK EXCHANGE Received by Private Wire Direct to The Star Ofuce Low. Clo 66 6 49% 49% Open. High. 65 66 49% 49% Abitibi Pow (4). Ad Rumley pf (3 Air Reduct (15)." 99% 99% 98 99% Ajax Rubber. 11% 1% Alaska Juneau.. 2 a5 » Allied Chem (4). 83% 8s° 8t Allis Chalm (4). 79% A% &0 Allis Chim pf (1) 104 104 104 Am Agricul Chm 14% 14% Am Ag Chm pt.. 39% 39% Am Bk N pf (3).. b5 o= Am Beet Sug (4) 40% 404 Am Bosch. 28% 21% Am Brk Shoe (5) 9214 2% Am Can (17).... 1624 1693 Am Car & F (12) 202% 199 Am C & F pf (7). 120% Am Chain A (2). 22% Am Chicle. . 56 Am Drug (60c). b% Am Express (6). 139 Am & For Pow.. 29 Am & Fr P pf (7) 88% Am Hide & Lea. 9% Am Hide & Lpf. 61% Am Internatl.... 33% Am La Fran (1). 11% Am Linseed. 225 Am Linseed p 60 Am Loco (118).. 124% Am Loco pf (7).. 119 Am Radia pf (7). 130% Am Safty Rz (3) 53% Am Ship & Com. 11 Am Sm & Ref (6) 93 Am Stl Fdys (3). 48% 644 9T% 14% 1334 884 874 105 45% Am Sugar pt (7) Am Sumatra. ... Am T & Tel (9).. Am Tobacco (7). Am Tobac B (7). Am Tobac pf (6) Am WW&EI 30c. Am Whol pf (7). Am Woolen Am Wool pf (7). Am Writ Pap pf. AmZincpf...... Anaconda (3). Armourof Il A. Arn Cons & Co.. Asso Dry G (5).. Asso Of1 (1%)... At T & SFe (7). AT&SF pt (5). Atl Birm & At... AtGuif& WI... 36 At Gulf & WIpf. 40% Atlantic Refin. .. 101 Austin-Nichols.. 24 Austin Nic pt (1) 87% Baldwin L (7)... 118% Bal & Ohio (6) 74% Bal & Oh pf (4). 64 Bang & Ar (3) 36% Barnsdall A. 22% Barnsdall B. 17% Bayuk Cigar.... 43 Beech Nut (2.40) 62% Bethlehem Steel 41% Booth Figheries. 4% Briggs Mfg(3%) 38% Bkl Edison (8).. 127% Bkl-Man Tran.. 38% Bkl-Man T pf (8] 75% Bkl Union G (4). 79 Erow~ Shoe (4). 65W Bruns-Palk (40c) 36% Buff R & P (4) 48 Burns Br B (2).. 18% Bush Term (5).. 99% Butte Cop (50¢). b% Butte & Su(50c). 154 Butterick Co.... 18% Caddo Central 1 Cal Pete (1%)... 28% Calif Pet pf (7).. 110% Callahan Zinc... 3 Calu & Ariz (2).. 48% Can Pacific (10). 141% Cent Leather... 15% Cent Leather pf. 524 CRRNJ (112).. 270 Cerod Fasco (4) 44 Certain-Teed... 42% Chand Mot (3).. 34% Ches & Ohlo (4). 90% Chi & Alton..... 6% Chi & Alton pf.. 12% Chi Great West. 9% Chi Gr West pf.. 21% ChiMil&StP... 5% Chi Mil & SP pf. Chi & Nwn (4) Chi RI& Pac... CRI&PDL(6). CRI&PPI (7). ChiStPM&O.. Childs Company. Chile Cop (2%). Chino Copper... 20% Coca-Cola (7)... 92 Colo Fuel & Iron 383% Colo Southern... 6% Col G & E (2.60). b4% Col G & E pf (7). 106% Com Inv (2.60).. 66 Com Solv B..... 134% Congol-Nrn (3). 86% Conley Tin Foll. 2% Consol Cigar.... 29 Con Distributrs. & Consol Gas (5).. 76% Consol Textile.. 2% ContCan (4).... €3% Cont Mot (80c).. 9% Corn Prod (2)... Crucible Stl (4). Cub Am Sug (). Cuban Cane Sug. 13 Cub Cane Su pt.. 57 Cuba Dominican 5 5 Cushmans (3)... 63% Cuyamel Fr (4). 63% Daniel Boone. .. 3 Davison Chem. . 32% Deere pf (3) 91% Del & Hud (9).. 136 Del L&WR (17). 130% D & R G Wst pf. 41 Detroit Ed (8).. 115 Dome Mines (2) . 18% Doug Pectin (1). 15% Dupont (10).... 140% Eastman (18 110 Eaton Axle. 14% Elec Pow w i 100% ec Str Bat (4) 61% Elk Horn. . ® a-John (5)... 63% dicott pf (7). 114 v 28% 87 36% 364 94 106 16% 105% 1% 7% 110 10% 12% 46% 20% 8% 175% 83 118% 95 5% 84 94 40 50% 81% 94 38 29% Erle 2d pf. . Fairbks (2.60).. camous P1 (8) ramous pf (8). . ederal Mines. . Fish Bd O pf (8). Fisk Rubber.. Flelschmann () Foundation (8).. Freeport-Texas. Gardner Motor. . Gen Asphalt. ... Gen Cigar (8)... Gen Electric (8) Gen El spl (60¢) . Gen Motors (6). Gen Mot pf (7). Gen Petrol (2).. Ginter Co (1%) - Glidden Co Goodrich Goodyear pf (7). Gdyear prior (8) Granby Consol. . Grt North pf (5). Grt Nor Ore (4). 108 16% 105% 11% 1% 109% 10% 124 46 93 93 250% 259% 11% 11 £70% 70% 104% 104% 48% 50% 28 28 13% 14 53% 653% 2% 95% 104 104 15 15 62% 62% 82 30 Grt Wstn Su (8). 96% %% Greene Canan... 11% 12% Guantanamo. 5 5 5 Guif Mo & Nor.. 23% 23% Gulf St Steel (5). 70% 0% Hanna 1st (7) 68% 68% Hartman (2%).. 28% 28% Hayes Wheel (3) 82% 2% Hoe & Co A (4).. 46% 45 Homestake (17). 43% 48% House P (13%) 36% 85% Houston Oll.... 64 B4% Hudson Man.... 26% 26% Hudson Mot (3). 43% 43% Hupp Mot (1) 16% 16% Illinois Cent (7). 1124 112% Independ Oil (1) 24 24 Ingersoll R (8).. 235 285 Inland Stl (2%). 41% 41% Inspiration Cop. 28 28% Interb Rap Tr... 16% 17 Int Bus Mac (8). 1124 112% Int Cement (4) 4% 55% Int Com Eng (2). 87% 37% Internat Har (5) 103% 108 Int Mer Marine.. 114k :}h Dndes Tank Car s 1000. U. 8. Rubber 73s 1930 rn_Union 6ls 103 tinghouse E. & M, 7¢ 1031, 1073 1 Bodg Corp. s 1027, called” on Feb. g "oty Borp. s 1928, called oa I 1. 1925, et 102, Int Mer Mar pf.. 41% Int Nickel . 21% 27% Int Paper. . 61 50% Int Pap pf st (6). 78% 8% Int Ry Cent Am. 18% 18% THE EVENING Open. 17 89 | 1ntsnos (8. ... (nt Tel & Tel (6) Jonus Bros Tea.. 17 Jordan Mot (3).. 46% Kansas & Gulf.. % Kan City South. 381% Kan CSo pf (4). 5% Kelly-Spring 14% Kelsey Whi (6). Kels Whpt (7). Kennecott (3).. Keystone T & R. Kresge SS (8).. Kresge Dep Str. Kresge DS pf (8) Laclede Gas (8). Lee Rub & Tire. Lehigh Val (3%) Lima Loco (4).. Loews Inc (2). Long Bell A (1). Loose-Wiles. Loose-W 2d (7). Lorrillard (3). Loutsiana O1l Louls & Nsh (6). Ludlum (2). McIntyre Pi75c) Mackay pf (4). ck Treks (6). Macy HR & Co.. Magma Copper Maliinson & Co.. Mallinson pf (7) W Emd g (5). n Shirt (1%) . Manlla Electric. Maracaibo Oil. Market Street. . Market St prior. Market St 2d pf. Marland Oil. ... Martin-Pry (4). Mathieson Alka. Maxwell Mot A Maxwell Mot B May Dept St (5). 102% Metro G pf (1.89) 19 Mexican Seabd.. 12% Miami Cop (2).. 11° Middle States 1 Mid-Continent. Midind Pr pf (8) Minn & St Louis M StP&SSM pf 4. Mis Kan & Tex.. MK &Tpt (6).. Missouri Pacific. Missourl Pac pt. Mont Power (4). Montgom Ward. Moon Mot (3).... Mother Lode 76¢ Mullins Body.. Nash Mot (111) Nat Biscult (14). 27% 100 2% 45 814 7% 33% Ti% 654% 46% 25% 6% 17 300 67% 46 Nat Distillers pf. t Lead (8).... 144% Nat Lead pf (7). 116% Nat Ry Mex 2d 2 Nat Supply (3) 61% Nevada Copper.. 184 O Tex & M (7) 119 NYAirBrA (4. 52% NYCannersrts. % N Y Cencral (7). 1154 NY C&St L (6).. 127 NYC&StL pf (6). 90 NY NH & Hart.. 29% NYOn & Wn (1) 21% Niagar Fpf1%. 28% Norf & West (1) 126% North Am (3.40) 44% North Pac (5)... 61% Onyx Hosfery... 22 Orpheum (1.80). 27% Otis Elevator (6) 100% Otis Steel..... 9% Otis Steel pf. 54 Owens Bol (3... 44% Pacific Gas (8).. 104% Pacific Mail. ... 7 PacificOll (2)... 55 Packard (t11%). 18% Packard pf (7).. 109 Pan-Amer (6).. 75 Pan-Amer B (6). 74% Park & Tilford. 30 Pennsy RR (3). 45% Penn Seab Steel. 1% Peoples Gas (8). 115 Pere Marq (4).. 65 Phia Co (4) 524 Phila& RC&I. 40 Philltp Morrl; 15 Phil-Jons pf (7). 84 Phillips Pet (2). 37 Pierce-Arrow... 114 Pierce-Arrow D( ‘6% Plerce Ofl. Plerce Oil I)t Pierce Petrol Pitts Coal. Pitts Coal pf (6) Pitts Term Coal. Pitts & West Va. Postum-Cer (4) Postum pf (8)... Press Steel Car. Prod & Refiners. Pub Ser NJ (6). Pub S NJ pf (7). Pullman Co (8). Pure Oil (1%).. Radio Corpof A. Ry Stl Spg (8) Ray Cons Cop. Reading (4). Reading 1st (2). Reading 2d (2).. Replogle Steel Rep Ir & Steel. Reynolds Sp (1). Rey Tob B (3). Roy Duth 4.42%. St Joseph Ld (2) StL & San F (5) StL SanF pf (6). St L Southwest. Savage Arms. Schuite (*8).. Seaboard AirL.. 22 Seabd Air Lpf.. 36 Sears-Roebk (6) 153 Shattuck-Ariz. . Shell Un (1.40).. 24 Shell Un pf (6).. 100% Simmons Co (2). 34 Simmons pf (7). 103 Simms Pet (60c) 22% Sinclair Oil. . 19% Sinclair pt (8).. 85 Skelly Ofl....... 23% Sloss-Sheft (8).. 83% South Port S (6) 69 South Pac (6)... 100% Southern Ry (8) 84l South Ry pf (). 83% Spicer Mfg..... 16% Std Gas & Ei (3) 43% Sta Gas & Elpf. bl% Stand Mill (6) 69% St Oil Calif (2).. 59% StOilNJ (1) 40% St OflNJ pf (7). 117% Stew Warnr (6). 60 Studebaker (4). 43% Submarine Boat. 9% Superior Oll. 4% Symington 1% Symington A (2) 21 Tennessee Cop.. 7% Texas Co (3) 44% Texas Gulf (7).. 10214 Tex & Pacific... 50% Tex & PacC&O 13% Third Avenue... 10 Tide Wat Oil (4) 128% Timken (13%).. 38% Tobac Prod (6). 74 Tobe Prd A (7).. 98% Transcont Oil... 4% Un Bag & Paper. “38 Union OIl (1.80) 87% Union Ol1 . % Un Pacific .. 1884 Un Pacific pf (4) T4% Un Tank Car (6) 124 Utd Alloy Steel. 254 Utd Clgar (13%) 68 United Drug (6) 115% | Utd Dyewood... 12 Utd Fruit (10).. 205% Utd Ry Inves pf. 52% U 8 Cast Iron P. 166 U S Distributing 81% USHoff (2).... 25 U SInd Alcohol. 82% U S Realty (8) 118 U S Rubber. us uUs 61% xa 6% 46% 86 41 66 106 116% 52% 28 661 100 183 7 51% 124 12% 7264 87 38 15% 46% 13% T4% 50% 46 65% T9% 46% 1% 112 Smelting (3) 35% USSmpf (3%). 45% U S Steel (17)... 116% U S Steel pf (7). 123 Universal Pipe.. 35% l Utah Copper (4) 84 Utah Securities. 65% High. n7 89 17 464 bl 81% 59% 14% 8814 109 | Pipe | profit of $4,441,615 STAR, WASHINGTON, BONDS DO BETTER IN-DAY'S DEALINGS Liberties Work Higher and Rails Display Much More Activity. BY GEORGE T. Special Dispateh to The Sta NEW YORK, April better tone but were still restrict part to a few select erties worked higher, in tod; HUGHES. r. Bonds show- dealings, ed for the most ed issues. Lib- the fourth 4%s selling at 102 for the first time in a month or more. also higher, ment brisk deb Tre: utilities there enture 5s. money may do with the bonds of this type. Rail Bonds Among the rails at tracted by the and Ohio and Toledo- a new high for 71 today, the yield is Indie: have ha Line which vields cent. St solidated 4s ran Chicago, Milwaukee a eral 4s vear. It w the of this kind that appearance to the In the the further recover. Manhattan Transit 6s while among the buying in W ations of investment run-up in the yea Louis-Southwestern up a were at new strength in gave whole market. tractions the sury 44s were invest- unusually Electric easier d something to inquiry in was estern Active. tention was at- Baltimore Cincinnatl 4s to Selling at over 6 per cent. d bond was the refunding 4s, about 6.40 per on- half point nd St. Paul gen- highs for the bonds the better feature v in was Brooklyn Wilson & Co. junior bonds advanced sharply on the announcement plan, sugar bonds fell dropped back below p of the but reacted late off; reorgani: r. Dem Manati ation d for T%s ar. Fluctuations in the French list were very uncertain, preceding Austrian above 95 low below 98. The principal initial at one ti new 000,000 Ujigawa Electric pany, Ltd more than 7 (Japan), Imost equal the re fractional gains fons. strong me were >eru 8s got down to a new issue was $14,- Power Com- at 91, to yield 0 per cent. NEW PLAN EFFECTIVE. Wickwire Steel Now Has Sufficient Capita W YORK, April tion plan of the W : 4 —The reorgan- ickwire Spen Steel Corporation has been made ef- fective, $2,515, having been Wwhich was provi ing of new securities and the underwriting H. Wickwire will be board of the n of § deducting ciation, compared wit $351,353 in 1923, equal on the cumulative pr 00 ne was repor nter paid to d through company w the sh capital company, n offer- to stockholders of the plan. T. chairman of the -t los d for 1924 after st charges and depre- h net income of to $4.57 a share eferred stock. OIi MEN QUIT IN PROTEST. NEW YORK, tors of the have resigned as the company’s policy the natural gas busin and Donald G. members of the April Geddes board, 2.—Four direc- Houston Oil Co. of Texas protest agai of engaging in ess. H. B. Lake New York are among those who have withdrawn. A. H. S. Post and E. G. Baltimore are the oth. have dissension sulted from a pipe-line among th the rece subsidiar: Line Co. and $7,000,000 note issue construction of a from the company oped gas fields in Li Tex., Houston, 200-mile pipe Baetjer of er directors who tendered their resignations. The e directors re- it formation of y, the Houston the sale of to finance th line recently devel- ve Oak Count and lnlermediale points. SCHULTE'S NET PROFITS. NEW YORK, April Retail Stores Corpora added to surplus in re: 1923, amounted to vexr's dividends surplus, after taxes, rent assets were plac for 1924, 2—The Schulte tion reports net which, serve at the end $8,224,564. The 000 and $4,059.450. Cur- ed at $6,215,218 and current liabilitles $2,629,7 PARIS MARKET FIRM. PARIS, April 2.—Pi on the Bourse today. rentes, 46 francs 80 change on London, 92 francs, 28 times. Five per cent 75 centimes. The do at 19 francs 30 rices were firm Three per cent centimes. Ex- cen- 56 francs as quoted loan, llar centimes. BUTl-‘ER fiGHE;T. TODAY. CHICAGO, April 2 creamery extras, ards, 43; 40%ad1% settled ts, 28%a28%; ordinary age packed, extra, 30. seconds, extra firsts, 33a38. 14a372 Butter higher; a43%; stand- 42 firscs, 0%a30%; firsts, LIVE POULTRY HIGHER. CHICAGO, April 2. higher; fowls, 31 roosters, 19; turkeys, geese, 18. Poultry—Alive, springs, 3 25; ducks, 3 RATES ON BAR SILVER. LONDON, April 31 7-16d per ounce. cent. per cent; three-month ver cent. 2.—Bar Money, silver, 3% per Discount rates short bills, 4 3-16 bills, 43;a4 5-16 TREASURY CERTIFICATES. (Quotations furnished by 4%s June 15, September 1 December Mareh September March 15 December Redmond & Co.) ———Noon.—— Offer. 100 11- Vanadum va Ry & Power. Vivadou... Wabash..... Wabash pf A( Wabash pf B. Waldorf (1%).. ward Baking B. West Pen (4)... West Maryland. West Md 2d pf.. Western Pacific. West Pac pf (6). West Union (7). ‘West Air Br (6). Westinghse (4). Weston Elec. ‘Weston A (2) Wheel & L Erle, ‘Wheel & L E pf. White Eagle (2) ‘White Mot (4).. Wickwire Spen. ‘Wilson & Co. Wilson ctfs Wi'son & Co pt. ‘Willys-Overind. ‘Wilis-Over pf. ‘Woolworth (3). Worthington... ‘Worthington A. ‘Wright Aero (1) Yellow Cab (5). tPartly extra Dividend rates ‘as given $Payable in 61% 41% 167 37% 110% 11% 17 38% 89 119% 98 661 9% 20% 11% 22 26% 59% % T 23 28% 124 85 1u7 4T% 80 % 23 25 12% &6 s 48% 80 17 17w 85% 35% reterred stock. in_the above table are the annual cash payments based on the latest quarter] Dnless or_hi ivideads are act included, D. C., THURSDAY, APRIL 2, 1925. I NEW YORK BONDS STOCK EXCHANGE l Received by Private Wire Direct to The Star Office. ' UNITED STATES BONDS. (Sales Sales. Lib3%s.... 491 Lib 2d 4s. 2 Lib1st4%s 27 Lib 2d 4%s. 307 Lib 3d 43%s. 567 Lib4 4%s.. 381 US4s1944. 220 US4%s'52. 13 101 FOREIGN. Argentine 6s A. Argentine 6s B. Argentine Ts Austria Ts. [ 4 Belglum 6%s Belgium 7%s. Belgium 8s. Berne §s. Bolivia 8s. Bordeaux 6: Brazil 7s. Brazil 8s. Canada 5s 1 Canada Canada . High. Canada 5%s 1929, . 23 Chile 75 1943. . Chile 85 1926. Chile 8s 1941, Chile 85 1946.. ... Con Pow Japan 7s. Copenhagen 53s. . Cuba5%s......, Czecho S5 1951 Czecho 851952 ct. . Danish Munic 8s A Denmark 6s. Denmark 8s. . DEI5%s Mch '53. D EI5%s Nov '53. Dutch East I 6547 Dutch 1 Salvador 8s '48. inland s f 65 '45. . Framerican T%s. . French 7s. .. French 73s. French 8s German 7s.. Greek Ts Halti 6s Hungary 614s. . Tapanese 61s. Jergens U M 6347 Lyons 6s Marseille 6s. Mexico 45’10 asntd Montevideo 7s. ... Netherlands 6s '54. Netherlands 6s '72. Norway 6s 1943... Norway 6s 1944. .. Norway 6s 195 Norway 8s... 5 Orient Dev deb 6s. Paris-Ly’'s-Med 65 Paris-Ly's-Med s Paris Orleans 7s. . Peru &s Poland 8s '50 wi Porto Alegre §s Riode Jan Ss 1946. Rio de Jan 85 1947. Rio Gr Do Sul §s Sao Paulo City 8s. Sao Paulo State 8s Paulo St 8s wi Seine Dept of 7s. .. Serbs Crot Slo 8s. . Soissons 6s weden 5%s ct. weden 6s. .. 2 Swiss 5145 1946. .. Swiss Confed 8s... Ud Kingm 514329 Ud Kingm 5%s '37 Ud Steam Copen 6s Uruguay 8s....... Zurich 8s.. .. 84 15 134 4 2 10 4 2 38 6 ast I 6s°62 20 4 20 7 10 16 2 18 16 26 51 18 11 2 19 2 19 3 13 9 9 1 6 1017 100 27 101 21 100 30 101 16 100 20 104 29 e in $1,000.) High. Now. 101 11 100 27 101 25 1001 101 20 102 100 21 104 30 2:50. 101 11 100 27 10125 100 81 101 19 102 100 21 104 29 30 2:50. 96% 96 102% 95% 99% 84 92 107% 107% 109 92% 83 82 95% 100% Low. 96% 96 102% 94% 99% 83% 92% 107 107% 109 MISCELLANEOUS. Ajax Ruober Ss. .. Am AgrChem 5s.. Am Agr Chem T%s Am Chain st 6s°33. Am Smit & R 1st 52 Am Smit &R 6s Am Sug ref 6s. AmT& Am T & T deb 5%s AmT& T cv 6s Anaconda 1st 6s Anaconda cv ab Andes 7s Zo% pd « mour & Co 4148, Armour Del 5'ns. . Atlantic Refin 5s.. Barnsdall s f 8s. Bell Tel Pa5s.... Beth Steel pm 6s. . Beth Steel rf 5s... Reth Steel 5%5°53. Beth Steel s f 6s... Brier H St 1st 5%s RBklvn Ed gen 5s. . Bklyn Ed 6s B. ~a’if Pete 6s. Cen Leth 6s'45 cfs. Chile Corper 68 Cin G ® 51862 Col Gas & El 5s. . C01Gs & E' 5s sta. Commonwth P 6s. .24 2 98 4 101% 16 98% 5 97 20 97 106% 1024 26% 100% 9474 51 102% 8 127 70 99% 22 100% 5% 34 45 21 6 Con Coal Md 1st 58106 Ton G NY 5%s wi. “onsumers Pow 58 Denver Gas 5s. .. Det Edison 55 '40. Det Edison ref 63 Donner Steel 7s... Du Pont de N 7is. Duq L&P 515 '49. . Dugquesne Light 6s st Cuba Sug 7%S Empire G&F T%s. Fisk Rubber 8s... Goodrich 6%s Goodyear 8s 1931 Goodvear 8s 1941. Hoe & Co 6%s. ... Humble O&R 53%s. T1linois Bell 1st 5s. Tilinols Steel 43s. Tnt Mer Marine 6s Tnter Paper 58 47, K C P& Lt 5sA'52. Kan G & Fl 63 '52. Keystone Tele 5s. . Lackawa S 58°50. Lacl G ref s34 Laclede G 515 '53. Liggett & Myrs 5s. Lorillard (P) s Torillard (P)Ts... Louisv G & E 58 '52 Magma Cop cv 7s. . Manati Sug st T%s Midvale Steel 58 Montana Pow 5s.. Mors&Co 1st 4%s. N Y Ed 5s'44 wi. .. N Y Edenlst 6148 G EL H&P 5s. N Y Tel 4%s NY Tel 6s'41.. NY Tel 65’49 North Am Ed 6s... North Am Ed 6% Nor Ohio T&L 6s. . Nor States Pow 53. Otis Steel 7%5‘... Otis Steel 8s. . Pacific Gas & El 5s Pac T & T 5552, Phila Co 5%s '38.. Phila Co ref 65 A Pierce-Arrow 8s. Public Service 6s. Pub Serv Elec 65 Punta Alegre 75.. Reming Arns 6s. Rep Ir & Steel 55 Saks & Co sf 78 Sharon St1 H 8s Sinclair Ol 6s Sinclair Oil 6 Sinclair Oil 7 Sin COP L 6s'28 Sin Pipe Line 6s. Skelly Oll 6%s. So Por Rico Sug 78 Southwest Bell 5s. Sug Est Orient 7s. Tenn Elec Pow 6: Tide Wat Ol1 6% Toledo Edn 18t 7s United Drug 6s US Rub 1st rf 68 U S Rubber 7% U S Smelter 6 USSteels t Utah Pow & L Va-Car Chem 7s. Va-Car Ch 7%s W Warner Sug 7s '3 . 26 Pan-Amer Pete 65.328 8 93% 994 987% 100% 964 1164 93% 117% 100 90% ' 9RY 83 100% 1134% 102% 964 107 109% 1001 103% 95% . 95% 0% 96% 95% 95% 111 1 964 104% 94 96% 104% 105 88% 94% 105% 107 107 88 91% 100% 8d% 109% 104 98% 96% 100% 6 103% 109% ] 102% 26 85% 10 105 16 101% 36 105% 4 98% 32 86 15 47 5T 18 98 101 98 96% 96% 106% 102 96% 100% 94% 102 126% 99 100 95% 117% 99% 90% 981 83 100 13 102% 961 106% 1091 100% 103 95% 954 90% 96% 94% 95% 110 99% 104 24 9614 104% 105 88% 94% 105% 106% 106% 8% 1% 99% R4ly 108 103% 98% 96% 100 108% 109% 102 85% 104% 100% 105% 105% 98% 93% 85% 86% 46% 47 % B Sales. High. Warner Sug 7s'41. 26 92% West Elec 5s .. 36 99% West'n Union 6%s 3 110% Westinghouse 7s.. 12 108 Wickwire Spen 1 86 Wilson & Co 1st 65 53 96 Wilson & Co cv 68.122 76% Wilson&Ccv 7%s. 73 76% Youngstn S&T 6s.. 19 98% RAILROADS. Atchison adj4s... 6 834 Atchison gen 4s. 89% Atlantic C Lel 4 87 AtlanticC L 7s. 106 884 92 88 100% 103 102 100% Bklyn-Manhat 6s. Buff R & Pitt 4%s Canada South 5 Canad North 6%s. Canad Pac deb 4s Car Clinch & O 5s. Car Clinch & O 6s. Centof Ga §%s. .. Central Pacific4s. 1 Ches & Ocv 4ls.. 22 Ches& Ogn 4%s.. 6 Ches & O cv 5s.... 176 Chi & Alton 3%s.. 15 Chi & Alt 3%s ctrf, 1 Chi B&Q 1st rf6s.. 8 CB&Q-13Y%s... 10 Ch1& EIgnbs.... 17 Chi GreatWest 4s. 34 CM & Puget Sd 4s. 40 CM&StP4s’25. 100 CM&StPdb 43 CM&StP gn 45°89.. 39 CM&StPcvils. 25 CM&StPgn 4%s CM&StPrf4ys CME&StPevbs CM&StP6s C&N W gen 4s. Chi & N W rof 5. Chi& N W 65 Chi & N W 7s. Chi Rys 58 ChiRT&Pre 4 ChiITH&SEGs.. Chi Un Sta 4148 Chi Un Sta 5s. . Chi Un Sta 6145 Chi & W Ind cn 4s CCC&StLrfes A. Cleve Term 5s Cleve Term 535 5. Colo & Sou 4348 Cuba RR6s... CubaRR T4s.... Del & Hd 15t rf 4s. Del Hud ev 55 '35 Del & Hnd 5148 D & Rio G imp 5s D & Rio G Wst 68 Det United 414s. Erle 1st cons 4s Erie gen 4s. . Erle conv 48 A Erle conv 45 B. Erie conv 4s D. Erle con ext 7s Grand Trunk 7s. Great North 5s. GrNorth 5%s. . Gr North gen 7, Green B& W db Hud & Man ref 55 Hud & Man aj 58 111 Cent ref 55 '55. , 11l Central 518 111 C-C St L&NO 58 Int Rap Tran 5s. Int Rap Tr 5s stpd. Int Rap Tran 6s. Int Rap Tran 7s. Int & G Nor 1st 6; Int & G Nor aj 6s. Towa Cent rf s Towa Cent 1st &5 Kan City Ft S 4s. Kansas City S 3s Kansas City S 5s Kan Cy Term 4s. Lake Shore 45 '28.. Lake Shore 4s'31. Lehigh Val 55 2003 u-u.awwmafiu.wmawam Louis & N5sB.... Louis & Nash 7s. Manhat ¥y cn 4s Market St Ry 7s... Mil El Ry & L § M&St L1strf 4s.. M StP & SSM cn 5s. M StP & SSM 534s. MK & T 1st 4s. MK&T 4s B. MK & T adj 5s. MK & Tprinbs MK&T6sC. - Mo Pacific gea 4s. . Mo Pac 55 1926. Mo Pacific 5s '6: Mo Pacific 6s. Montrl Tm 1st NOTex & M |nsu N O Tex & M 5s B. NOT&M5%s.... N Y Cen gen 3%s.. N Y Centdeb 4s. N Y Centribs. N Y Cent deb NYC&St Ldb4s. NY Chi & St L5%s New Havcd6s... NY. Ont W 1st 45, N Y State Ry 43s. NY W & Bos 4%s. . Northern Pac 3s... Northern Pac 4s... Northern Pac 5s D Northern Pacr i 6s Ore & Calif 1st 5: Ore Short L ref 4 Ore Sht L cn 6s '46. Ore-Wash 1st rf 4s Pennsyl con 434s. . Pennsyl gen 4%s Pennsyl gen 5s. Pennsyl 55 '64. Pennsyl 6%s. . Pennsy! gold 7s Pere Marq 1st 5s Por RL&P 6s'4 Reading gen 414 Rio G West c] 4s RIATk & L 4%s St LIM&S 4s°29. . St LIM&S R&G 4; - P =T e StLS W ist ds St LS W con 4s'32 St P Un Depbs.... Seab’d A Lids. . Seab'd A Lref 4s Seab’d A Ladj 5s.. Seab’d A L con 6s. . Sou Pacific 4s " Sou Pacific clt Sou Pacific ref-4 Southern Ry gn 4s. Southern Ry 1st 58 Southern Ry 6s ct. Southern Ry 6%, Sou Ry Mobile 4s. . Term Asso St Lids. Third Ave ref 4s... Third Ave adj Tol St L& W ds.. Union Pac 1st 48, Union Pac 1st rf 48 Union Pac 4s'37,, Union Paccv és... Virginia Ry 1st bs. VaRy &P 1st §s.. ‘Wabash 24 58 Washash 5%s, '75.. ‘Western Md 4s.... Western Pacific bs Wilkes B&E 1st 55 ‘Wisconsin Cent 4s. 101% 104% 108% 83% 82% b2% 38% 844 92% 86 994 104 8 95 95% 96 63% 2% 64% 80% Low. 914 99% 110 107% 85 95% 14 3% 98 83% 894% 87 106 88% 91% 877% 100% 103 101% 100% 69% 87 84% 84 94% 4% 83l 973 R6% 79% 1027% 8054 87% © 101 78 664% A 89 967% 864% 80 76% 101% 104y 108 83% 82% 524 38% 84y 925 85% 99% 104 97% 95 95% 96 63y 92% 64 80% 2:30. 914 99% 110 108 85 96 74 73% 98% BUSINESS IS GROWING. CHICAGO, April 2 (Special).—An in- crease in manufacturing throughout this district is indicated by gains of 1.5 per cent in factory employment and 4 per Since last No- vember the gain has been 7.8 per cent cent in total payrolls. in men and 15.7 per cent in payrolls. More than 365,000,000 feet of lum- ber is used in a year in the manufac- ture of automobiles and motor trucks Btates, +in the United }lings early at 12.00; FINANCIAL. VIOLENT DECLINE IN GRAIN PRICES May Wheat Drops More Than Six Cents Per Bushel. Corn and Oats Tumble. By the Associated Press. CHICAGO, April 2—All grain un- derwent severe setbacks in price to- day as the result of widespread rains relieved drought over large areas Southwest and West. Wheat values were especlally affected, and the May delivery of wheat dropped at one time to 61 cents a bushel lower than yes- terday's close. Heavy selling of wheat here was further accelerated by an unexpected downturn in wheat quotations at Liverpool. Chicago opening prices, which ranged from 1% to 4% lower, with May 1.45% to 147 and July 134 to 135, were fol- lowed by an irregular descent to 1.43% for May and 1.32% for July. Corn and oats gave way owing to sympathy with wheat. After opening at % to 2% off, May 1.02% to 103%, the corn market fell to 1.01% for May. Oats started at % to 1 lower, May 40% to 41, and continued down-grade. Provisions at first advanced as a result of higher prices on hogs. Later, however, the provision market re- acted, influenced by grain. WHEAT— High Low. May 42 RIBS— Mas PRICES ON COTTON HOLD FAIRLY WELL Liverpool Cables Help Market Here. Little Rain Yet in South. By the Associated Press YORK, April 2.—The cotton rket opened steady today at an ad- nce of 3 points to a decline of 5 points, most months being lower on private reports of rai for rain in the Southwest and a re- port from one of the private crop re- porting bureaus pointing to an in- crease of 4.4 per cent in acreage Liverpool was relatively however, while there was trade buving in the local After selling off to 24.80 July ral to 24.90 and October worked up f 24.28 to 24.37 n ket about net unchanged to 5 points higher at the end of the first hour. New Orleans Quotations. NEW ORLEANS, April 2.—The cot- ton market made a poor response to better cables than due, first trades showing losses of 1 to 3 points. Prices cased off to 2 points additional right after the call on_private re- ports of Texas rains, July trading down to 24.80 and October to 23.97 The market promptly rallied, how- ever, owing to the map showing of little rains in the Western belt, July trading up to 24 nd October to 24.05, or 7 to 8 points above the lows and 4 to 6 points above the previous close. The Western forecast calls for thunder showers followed by colder weather. A thority says increase in acreage will be about 4.4 per cent. CHICAGO LIVE SE)CK MARKET CHICAGO, April 2 (Supplied by United States Department of Agri- culture). Hogs, 15,000 head, 20 to 30 higher: packing sows show less advance; slaughter pigs, 25 to 50 higher; top, 13.55; bulk desirable, averages, 13.30a13.50; bulk, pound butchers, 13.00a13.45; 140 0 pound description, large, 12.90 bulk packing sows, 11.85a12.10; trong weight killing pigs, hea weights, 13.10a 5 medium weights, 13.15a13. light weight, 12.90a13.50; light hghls packing . hogs, smooth, 2.10a12.35; packing hogs, rough, 11.65 al2.10; slaughter pigs, 11.2512.75. Cattle—Receipts, 5,000 hea steers and yearlings steady higher; weighty kind scarce, ing most advance; trade slow; buyers resisting _ sharply higher asking prices; killing quality considerably plainer than Wednesday; top weighty steers, 11.85; average weight, 1,536 pounds; few loads scaling 1,500 to 1,600 pounds, 11.50a11.75; best year- little to killers under 9.00; few lots of short-fed low qualities offered, 85.00a8.75; she stock strong; spots higher on better grade fat cows and heifers; practically no change on bulls; heavy bolognas, 5.00; mostly 4.65a4.90; beef bulls in broad demand at 5.50a6.75; vealers uneven; light kinds at standstill; bidding, 9.50 downward; good to choice handy welghts to shippers, 12.00a13.00. Sheep—Receipts, 14,000 head; lambs mostly steady; welghts, 15.00a15. weight, 16.00; further market ed om 240 to fed to 15 show- fat g00d handy choice 86-pound best held higher; weightier kinds, 14.25a15.00; choice 111-pound clippers, 10.25; cholce handy welght clippers held at 13.00; fat sheep and shearing lambs un- changed; good 173-pound aged wethers, 9.00; good shearing lambs, —_— FOREIGN EXCHANGE. (Quotations furnished by W. B. Hibbs & Co.) Nominal Selling checks g0ld value. today. Loadon, pound S4TTY Montreal, dollar . 4 Paris, franc Brussels, franc RBerlin, Rome, Zurich, ‘Athen: Madri Viean: Budape Prague, Warsaw, zloty By the Associated Press. NEW YORK, April 2.—Foreign ex- changes steady. Quotations (in United States dollars): Great Britain, demand, 4.77%; cables, 4.77%; 60-day bills on banks, 4.73%. France, de- ‘mand, .0519; cables, .0519%; Italy, de- mand, .0410%; cables, .0411%; Bel- gium, demand, .0508; Germany, de- mand, .2380; Holland, demand,.3981; Norway, demand, .1580; Sweden, de- mand, .2693; Denmark, demand, .1830; Switzerland, demand, .1928; Spain, de- mand, .1423; Greece, demand, .0160%; Poland, demand, .19%; Czechoslova- kia, demand, .0296%; Jugoslavia, de- mand, ~ .0161%; Austria, demand, .000014%; Rumania, demand, .00461% Argentina, demand, .3862; Brazil, de mand, .1080; Tokio, demand, .41%; Shanghai, demand, .74%: DMontreal, 99 15-16. or prospects | ] steady, | with the general mar- | | nortnwest prominent private au- | 170 to 230 pound | BANK SECURITIES FEATURE TRADING Metropolitan and Merehants Record New Highs—Other Financial Notes. BY CHAS. P. SHAEFFER. Bank stocks featured today's lethargic session on the Washington Stock Exchange. With sales confined to a minimum, the security of the ational Metropolitan Bank sold at high mark, while the Bank and Trust Co. brought 140 on « sale of 10 shares. The best previous record of the former was 293 and the latter Bank stocks in Washington hav been the outstanding point of inter- est on the 1 board since the first of the year, having enhanced in many thousands of dollars. .The trend of listed issues has been unanimously upward, the greatest movement being recorded by Riggs National, which has appreciated 49 points Lanston Monotype sold to the extent of 40 shares at §1, with Capital Trac- tion selling upward to 9115. Rallway preferred sold to the extent of one share at 80. Dividend Ts Declared. Directors of the Natlonal Mortgags and Investment Corporation yester- day declared a dividend of % per cent on the common stock of the company, payable on April 10 stockholders of record a business March 31. T 1 to investors a return of § per cent on both classes of stock, the com- mon stock, with par of $i0 a share, having been subscribed to on the basis of § a share, being included in a unit of one share of preferred and one of common for $12.50. Yesterday's declaration marked the adjustment of dividend period, and will enable the company In the future to pay semi-annual dividends on the common stock in April and October and on the preferred in January and July. Dividends on the preferred issue have been paid semi-annually at the rate of 8 per cent per annum since the company was organized. The company is now enjoying its strongest financial position since inception, according 3 E. Walker, its president. Resources now total more than $4,924,000, with a surplus in excess of $555,000. March earnings were reported in excess of $60,000. March Failures Increase. R. G. Dun & Co. report 1,859 com- mercial failures in the United States in March, involving $34,004,731, com- pared with 1,793, involving liabilities of $40123,017, the previous month During the first quarter of the year there were § defaults, or 10.8 per cent over the number for the fourth quarter of 1924, and an increase of 8.4 per cent over the first quarter of radstreet's reports 1,631 fallures in March, a decrease of 1.2 per cent from February and 1.5 per cent from March of last year. The first quarter of this year failures totaled 5,622, an increase of 13 per cent over the fourth quarter of 1924 Mortgage Notes on Sale. Shannon & Luchs are placing on sale today an issue of $450,000 of first nortgage 63 per cent five-vear notes, ecured on the new Washington Med- ical Building, being erected at the corner of Eighteenth and I streets northw, The structure will be eight stories and basement, and will be equipped for the individual requirements of physicians, surgeons and allied pro- fessions, who are to be both owners and occupants, Tusiness Outlook Held Good. The Federal Reserve Bank of Rich- mond takes an optimistic view of the business future in the fifth district, which embraces Washington. Labor is found to be well employ- ed for this season, and prospects for fulltime work a little later are un- usually good. Textile mills are oper- ating on an approximate full-time schedule, and, while orders for future delivery are scarce, a largs volume of orders for prompt delivery =re being {received. Cotton prices moved up- ward during the last four or five weeks and consumption and export figures continue large. Farmers are further advanced with Spring work than usual, and agri- cultural prospects appear to be quits {promising, except in the weevil-in- | tested sections of the cotton-griwing States of the district More Cars Need Repairs. Reports filed by the carriers today with the American Railway Assocla- tion show a total of 188,919 freight cars in need of repair on March 15. This was 8.2 per cent of the number on lines and an increase of 3,873 over the number reported March 1 Railrond Seeks Permit. In order to effect an entrance to Dallas, Tex., the Fort Worth and Den- ver City Railway today asked the In terstate Commerce Commission to approve a contract with the Chicago, Rock Island & Gulf Railroad for use of trackage rights over 35 miles of that line. No new capital investment will be required, the application said, but the Fort Worth line hopes to in- crease its traflic materially thereby. Packard Motor Car Co. has declared its regular quarterly dividend of 3 per cent on its common stock, pay- able April 30 to holders of record April 15. DIVIDENDS. Corp. Period. Am Cigar ....... Al et prd Briggs Mg Comn Ex. B Eur Pipe Gt Nor Ore Pack Mot Ca P'Sof NI Do ptd Do. 7% pfd Phil-Jones pf Revn Spring. Sait Ck Prod Do. fleccosoe | cocco July 20 . ptd (Cl A). July 20 DAIRY PRODUCTS. BALTIMORE, Md,, April 2 (Special), —Live _poultry—Young chicken pound, 25a38; leghorns, 25a32; sprin ers, 55a60; Winter chickens, 45a530; old hens, 25a32; leghorns, 25a26; old roosters, 17al8; young turkeys, 40a 45; old, 35; poor and crooked breast 25; ducks, 25a32; pigeons, pair, 5 guinea fowl, each, 50a1.00. Dressed poultry—Turkeys, pound, 35a45; poor and crooked breasts, 25; chickens, 30 a40; old roosters, 18; ducks, 28a32; capons, 32a45. Eggs—Receipts, 1,998 cases; native and nearby firsts, dozen, 29a29%; duck eggs, dozen, 48a50; goose eggs, 85a1.00. Butter—Good to fancy, pound, 43a 47; prints, 47a49; ladles, 29a30; stors packed, 23; dairy prints, 23a28; proce ess butter, 31a32; rolls, 23a28. monr CUTS GRANTED. MANAGUA, Nicaragua, April 2.— Nicaragua has granted Germany a 25 per cent reduction on import duties on a number of articles. The United States, England, France, Italy and Spain enjoy equal concessions on the articles specified. e Sicily now is sending 30,000,000 lemong a month to Great Britain, because of the United States tariff. .